Air New Zealand presents at the DB ADR Virtual Conference

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Forward looking statements
This presentation contains forward-looking statements. Forward-looking statements often include words
such as “anticipate", "expect", "intend", "plan", "believe“ , “continue” or similar words in connection with
discussions of future operating or financial performance.
The forward-looking statements are based on management's and directors’ current expectations and
assumptions regarding Air New Zealand’s businesses and performance, the economy and other future
conditions, circumstances and results. As with any projection or forecast, forward-looking statements are
inherently susceptible to uncertainty and changes in circumstances. Air New Zealand’s actual results
may vary materially from those expressed or implied in its forward-looking statements.
The Company, its directors, employees and/or shareholders shall have no liability whatsoever to any
person for any loss arising from this presentation or any information supplied in connection with it.The
Company is under no obligation to update this presentation or the information contained in it after it has
been released.
Nothing in this presentation constitutes financial, legal, tax or other advice.

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77
Years in operation
Pacific Rim
Focused network driven by
alliance relationships
30
International
destinations
21
Domestic destinations
16m
Passengers carried
annually
11,800
Air New Zealand employees
#1
Corporate reputation
in New Zealand
#1
Corporate reputation
in Australia
Baa2
Investment grade credit
rating from Moody’s
13
Years of consecutive
dividend distributions
Air New Zealand at a glance

New
Zealand
Government
52%
New Zealand
institutional
investors
7%
International
institutional
investors
38%
Retail
investors
3%
Trading and ownership facts
•Dual-listed on the NZX and ASX stock exchanges
•1.4 million average daily trading volume
•Member of the NZX20 index – includes the 20 largest
and most liquid companies of the NZX
•Level 1 Sponsored ADR programme available since
July 2017
•Financial year end of 30 June
•New Zealand Government holds 52%
–No direct Board representation
•Seven independent non-executive Directors
Share register
(as at 31 December 2017)
AIR
NXZ stock ticker
AIZ
ASX stock ticker*
ANZLY
ADR ticker on OTC
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*
Air New Zealand is an ASX Foreign Exempt Listing.

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Our strategic focus and competitive advantage is the New Zealand
market, and connecting New Zealand with the Pacific Rim
2012
2017
Routes operated solely by alliance partners
Services to Taipei commencing November 2018
Routes operated by Air New Zealand

Air New Zealand’s markets are experiencing robust demand drivers that
are expected to remain strong for the foreseeable future
Inbound New Zealand tourism
continues to grow strongly
Growing domestic tourism
Double-digit growth in New
Zealanders traveling abroad
Robust New Zealand
economy
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Inbound and outbound tourism demand remains robust
2.6M
2.8M
3.0M
3.3M
3.6M
20132014201520162017
Inbound visitors to New Zealand*
(in millions and % growth from prior year)
2.1M
2.2M
2.3M
2.5M
2.7M
20132014201520162017
Outbound tourism*
(in millions and % growth from prior year)
Australia
44%
Pacific Islands
14%
USA
8%
UK
4%
Other
markets
30%
*
Statistics New Zealand, year ending 30 June.
Australia
40%
China
11%
USA
9%
UK
7%
Other markets
33%
Inbound visitor arrivals by country*
+10.2%+10.6%
+7.4%+5.7%
‘flat’
growth
+11.5%
+5.5%+4.4%
+4.5%
(0.6%)
Outbound departures by destination*
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of consecutive profitability*
Air New Zealand has
achieved profitability
and dividends
through the cycle...
15
years
of consecutive dividends
13
years
8
* 2018 full year outlook as disclosed in 2018 Interim
Financial Results on 22 February 2018.
166166
180
96
221
218
21
82
81
71
181
263
327
463
382
200320042005200620072008200920102011201220132014201520162017
Net profit after tax
($ millions)
5.0
5.0
8.5
6.5
7.0
5.5
5.5
8.0
16.0
21.0
11.0
18.0
20.0
45.0
20052006200720082009201020112012201320142015201620171H
2018
Ordinary dividendSpecial dividend
Dividends declared
(cents per share)

89%
468%
116%
1 year5 year10 year
Air New Zealand
NZX50
ASX200
Bloomberg World
Airlines Index
S&P500
* Total shareholder return includes share price changes and dividends received over the period (assuming
dividends are reinvested in shares on ex dividend date).
Source: Bloomberg, period ended as at 30 June 2017.
Total shareholder return*
...and have demonstrated our ability to generate strong shareholder returns
that exceed the major indices
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Beyond commercial metrics, we are committed to a sustainability agenda
that includes robust targets to reduce our carbon footprint
0.93
0.88
0.85
0.81
0.79
0.78
0.76
0.74
0.73
200920102011201220132014201520162017
Kg CO
2
-e/RTK
Fuel efficiency:
CO
2
-e per Revenue Tonne Kilometre (RTK)
Average annual fuel
efficiency improvement
compared to 2009
baseline
2.5%
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Investment in modern fleet have helped improve our fuel efficiency
while we have grown our business
Key carbon targets*
Carbon neutral growth
Stabilised emissions post 2020
1.5%
average annual fuel efficiency
improvement going forward
* As disclosed in Air New Zealand’s 2017
Sustainability Report, which can be accessed
at www.airnewzealand.co.nz/sustainability

Resilient core domestic business


Pacific Rim focused international network

Focused on sustainable cost improvements

Investment grade financial strength
Positioned to leverage our
unique competitive advantages
to drive future returns for our
shareholders
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•Most iconic brand in New Zealand
•Unmatched network breadth and depth
−Over 400 flights daily to 21 domestic
destinations
•Differentiated in-flight and ground
product that is valued by customers
•Strong loyalty base and still growing at
over 2.7 million members*
•Investing in the sustainable
development of New Zealand tourism
−Regional dispersal of tourists throughout
the country
−Extending the shoulder season
−Targeting value over volume
* Airpoints
TM
membership as at 31 December 2017.
Strong market share to leverage growth from inbound and domestic tourism
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Resilient core domestic business
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Supported by strong revenue share alliance partnerships
Why revenue share alliances?
Partners have “skin in the game” to
sell the route
Strength of sales & distribution in
local markets
Access to frequent flyer databases
Routes operated solely by alliance partners
Routes operated by Air New Zealand
Pacific Rim focused international network
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13
Route will commence Nov 2018

A simpler and modern fleet driving improved efficiencies
Focused on sustainable cost improvements
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Fleet investment over the past five years has resulted in cost improvements related to fuel
efficiency, larger aircraft and simplification of operations
2012
2017
Fleet complexity
Fleet age
(on a seat-weighted basis)
Ownership profile
(on a seat-weighted basis)
Wide-body
B747
B767
B777 family
Narrow-body
B737
A320
Turboprops
ATR72s
Q300
Beech 1900D
Manyfleet typesFewfleet types
Wide-body
B787
B777 family
Narrow-body
A320 family
Turboprops
ATR72s
Q300
8.6years
7.0years
38%leased62%owned
29%leased71%owned

0
200
400
600
800
1,000
2015201620172018201920202021
$ millions
Actual and forecast aircraft capital
expenditure
2
Forecast
Actual
1
As disclosed during the company’s 2018 Interim Results on 22 February 2018
2
Includes progress payments on aircraft.
3
Excludes orders of up to five A320/A321 NEOs with purchase substitution rights.
Note: forecasted aircraft capital expenditure assumes NZD/USD rate of 0.72.
Forecasted
investment in aircraft
and associated
assets from 2H 2018
to 2021
~$1.1b
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Aircraft capex programme nearing completion
Investment grade financial strength
4
15
1H
2H
3
• Targeting replacement of B777-200 fleet from 2022; aircraft
selection is in progress
−No assumptions on B777-200 replacement capital expenditures are included in
forecast

Appropriate level of gearing
Gearing defined as net debt / (net debt plus equity); net debt includes net aircraft
operating lease commitments for the next twelve months, multiplied by a factor of seven.
Target range of 45% to 55%
Providing stability and financial flexibility over the long-term
Investment grade financial strength
Moody’s creditrating
Investment grade
A3
Baa1
Baa2
Baa3
Ba1
Ba2
Ba3
Source: Bloomberg as at 6 March 2018.
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39.3%
42.9%
52.4%
48.6%
51.8%
20132014201520162017
Financial year
Gearing (%)
(including capitalised aircraft operating leases)

5.05.0
8.0
8.5
6.5
7.0
5.55.5
8.0
10.0
16.0
20.0
21.0
Ordinary dividends paid
(cents per share)
• We target consistently
distributing dividends to
our shareholders each
period
• Dividend is not linked to a
pay-out ratio
• Looking beyond short-term
peaks and troughs in the
earnings profile when
determining dividend
A sustainable business positioned to deliver strong dividends
for our shareholders
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Looking to the remainder of the year,
we are optimistic about the overall market dynamics.
Based upon the current market conditions and
despite the increased price of jet fuel, the Company is still
expecting2018 earnings before taxation to exceed the prior year.
Our 2018 outlook* has been reaffirmed despite an increase in jet fuel price
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* 2018 full year outlook as disclosed in 2018 Interim Financial Results on 22 February 2018.

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Air New Zealand
American Depositary Receipts (ADR)
Ticker: ANZFY
Structure:Level 1 ADR
Exchange traded:Over-the-Counter (OTC)
Ratio 1 ADR: 5 Ordinary shares
DR ISIN: US0091361024
CUSIP:009136102
Depositary bank: Deutsche Bank Trust Company Americas
ADR broker helpline: +1 212 250 9100 (New York)
+44 207 547 6500 (London)
Email for registered ADR holders:db@amstock.com
Air New Zealand has a sponsored Level 1 ADR
programme (since July 2017)

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Resources
Contact information
Email: investor@airnz.co.nz
Share registrar: enquiries@linkmarketservices.com
Investor website:www.airnewzealand.co.nz/investor-centre
Monthly traffic updates: www.airnewzealand.co.nz/monthly-operating-data
Quarterly fuel hedging disclosure: www.airnewzealand.co.nz/fuel-hedging-announcements
Corporate governance: www.airnewzealand.co.nz/corporate-governance
Sustainability: https://www.airnewzealand.co.nz/sustainability
Investor relations information
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